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Psyence Biomed Enters Into $25 Million Common Stock Purchase Agreement with White Lion Capital, LLC
NEW YORK, July 31, 2024 (GLOBE NEWSWIRE) -- Psyence Biomedical Ltd. (Nasdaq: PBM) (“Psyence Biomed” or the “Company”) today announced that it has entered into
About this update from Psyence Biomedical Ltd.
[{"type":"text","content":"NEW YORK, July 31, 2024 (GLOBE NEWSWIRE) -- Psyence Biomedical Ltd. (Nasdaq: PBM) (“Psyence Biomed” or the “Company”) today announced that it has entered into a $25 million common stock purchase agreement (the “Purchase Agreement”) with White Lion Capital, LLC, (“White Lion”) a California-based institutional investor focused on high-growth, early-stage public companies. Psyence Biomed will have the option, but not the obligation, to sell to White Lion up to $25.0 million in shares of common stock over a 24-month period subject to certain conditions, including a registration statement being filed and declared effective by the SEC. The price to be paid by White Lion for any shares that Psyence Biomed requires White Lion to purchase will depend on the type of purchase notice that the Company delivers. For shares being issued pursuant to a Fixed Purchase Notice, the purchase price per share will be equal to 90% of the lowest VWAP of the common stock that occurs during the Fixed Purchase Valuation Period. For shares being issued pursuant to a Rapid Purchase Notice, the purchase price per share will be equal to the lowest traded price of the Common Stock on the Rapid Purchase Notice Date. There are no upper limits to the price White Lion may pay to purchase common stock from Psyence Biomed. White Lion has agreed not to engage in any manner of short selling Psyence Biomed’s shares of common stock. No warrants, derivatives, or other share classes are associated with this agreement. In consideration for entering into the agreement, Psyence Biomed has issued shares of common stock to White Lion as a commitment fee. The Purchase Agreement may be terminated by Psyence Biomed at any time, at its sole discretion, without any additional cost or penalty. “This agreement with White Lion Capital provides us with access to critical funding as we rapidly approach initiation of our Phase IIb clinical trial of nature derived, non-synthetic psilocybin as a potential treatment for Adjustment Disorder in the Palliative Care context, while in parallel advancing earlier stage programs in additional high-need indications,” said Dr. Neil Maresky, Chief Executive Officer of Psyence Biomed. “We welcome White Lion to our roster of shareholders, and we are grateful for their support.” This press release shall not constitute an offer to sell or the solicitation ...